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what is the journal entry for tax refund?
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Answer Posted / suman shaw
SUPPOSE ADVANCE TAX 100000/- ; AND PROVISION 99000/-
SO, BAL. IS REFUNDABLE. (I.E.- Rs.1000/-)
1ST JV. PROV. FOR I.TAX A/C ------ DR. 99000
(CUR. LIAB.)(bal. 00)
TO ADVANCE INCOME TAX A/C 99000
(UND- CUR. ASST.)(bal. 1000 DR.)
2ND JV. INCOME TAX REFUND A/C ---- DR 1000
(UND- CUR. ASST.)
TO ADVANCE INCOME TAX A/C 1000
(UND- CUR. ASST.)
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AN ESTIMATE OF ASSETS AND LIABILITIES ON AGIVEN DATE
